Rhode Island Currency Transmitter Bond
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What Is a Rhode Island Currency Transmitter Bond?
A Rhode Island currency transmitter bond is a type of surety bond that protects the public from financial harm if a money transmitter breaks licensing laws. All currency and money transmitters in the state must file a $50,000 bond as financial security to be licensed with the Department of Business Regulation (DBR).
We also issue $50,000 Rhode Island cash checking bonds starting at $500. This bond is specifically required for check cashing businesses that provide payday lending services.
How Much Do Rhode Island Currency Transmitter Bonds Cost?
The cost of a $50,000 Rhode Island currency transmitter bond varies based on your credit score. Premium rates start as low as 1%, or $500, if you have excellent credit. Apply now to get your free, personalized quote within one business day.
We offer premium financing for some bonds. Contact your SuretyBonds.com account representative to learn more.
How Does a Rhode Island Currency Transmitter Bond Work?
Rhode Island currency transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 19-14 of the Rhode Island General Laws and all other applicable laws.
If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice include:
- Committing fraud, engaging in dishonest activity or making misrepresentation
- Violation of any provision of Title 19
- Failure to comply with any demand, ruling, order or requirement of the DBR made within the authority of Title 19
How Do I Get a Currency Transmitter or Check Casher Bond?
Complete the following steps to get your Rhode Island currency transmitter or check casher bond:
- Apply: Submit a quote request form and provide your NMLS license number
- Quote: Receive a free quote within one business day or less
- Purchase: Pay your invoice online or over phone
- Sign: Complete and submit bond documents via DocuSign.
That’s it! We’ll upload your bond directly to the NMLS on your behalf.
What Does a Currency Transmitter Do?
Rhode currency transmitters are authorized to perform the following activities:
- Electronic money transmitting
- Issuing or selling money orders or drafts
- Issuing or selling prepaid access/stored value
- Virtual currency exchanging and trading services
How to Become a Licensed Rhode Island Currency Transmitter
In 2019, the Rhode Island Currency Transmitter License was created to take the place of both the Rhode Island Electronic Money Transferors and Sale of Check License.
To become a licensed currency transmitter in Rhode Island, you must apply through the Nationwide Mortgage Licensing System (NMLS). You’ll need to provide the information, payments and documentation listed below:
- Business name and address
- Names and addresses of each member, director and principal officer (if applicable)
- Description of the expected business activities
- A $50,000 surety bond (submitted by surety company)
- $1,000 license fee and $500 application fee
- Uniform authorized agent reporting annual processing fee
- Credit report for all control persons (cost $15/person)
- Company application form MU1
After you apply, the DBR will conduct a mandatory investigation to determine if you meet all the criteria. By submitting Form MU1, you will authorize an FBI criminal background check for MU2 individuals (costs $36.25/person). You must also schedule fingerprinting for those individuals if there are not already prints on file.
How to Get a Rhode Island Check Casher License
Before engaging in check casher activities, you must receive NMLS approval and be issued a certificate from the Department of Business Regulation. Here are the steps to apply for a Rhode Island check casher license:
- Identify your qualifying individual/manager of record
- Complete the Identity Verification Process and authorize a credit report through NMLS
- Upload a state-issued Certificate of Authority
- Provide financial statements proving a positive net worth and $10,000 in liquid assets
- Purchase a $50,000 surety bond or other financial security*
- Authorize an MU2 FBI criminal background check for all direct and indirect owners, executive officers, and qualifying individuals
- Provide proof of adequate business insurance to protect liquid assets
- Submit a written statement proving the value of your business in the geographical area.
- Issue a Notice of Application in the local newspaper, The Providence Journal
- Submit the application, fees and supporting documents through NMLS
*The surety bond/financial security requirement only applies if you plan to accept checks for collection with deferred payment.
The total cost for all check casher license fees is $540. Once the Department approves your application, make sure your business location(s) meet all the safety and security requirements. This includes installing bulletproof glass, alarm systems, vaults, cameras, steel partitions and more.
See the More Resources section below for more licensing information provided by the NMLS.
More Resources
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